Just 24 hours after an FCC filing revealed that it is acquiring a station in the Fargo, N.D. DMA from Central Plains Media, Gray Television — led by President/CEO Hilton Howell Jr. — is adding to its stable of TV properties by striking a deal in Wyoming.
In a deal struck Feb. 8 and filed with the Commission on Tuesday (2/13), Gray is acquiring the following stations from Mark III Media, a Wyoming corporation, for $15,716,667:
- KGWC-14 in Casper, Wyo., a CBS affiliate
- KGWL-5 in Lander, a part of the Casper-Riverton, Wyo.
- KGWR-13 in Rock Springs, a community located in the Salt Lake City DMA but assigned to the Casper DMA as KGWL is its parent station.
- Translator stations K16AE-D at Channel 16 in Gillette, Wyo., and K28KM-D on Channel 28 in Clareton, Wyo.
This deal effectively create a duopoly in Casper, as KGWL and KGWR are now set to be a sibling to top-rated NBC affiliate KCWY-13 and KCWY-13.2, the CW Network affiliate for the market.
As KGWL “does not separately achieve measurable ratings,” Gray says it is within the FCC’s duopoly rules regarding multiple ownership in the same market.
What about KGWC-14? The purchase contract contains a requirement that Gray divest that station’s license to a third party promptly. Gray intends to donate this station’s license to a non-profit entity.
A 10% escrow deposit has already been made by Gray for the stations as indemnity escrow; the total escrow deposit is valued at $2.5 million.
There is no broker associated with this transaction.
The seller’s legal counsel is Howard Liberman of Wilkinson Barker Knauer; representing Gray is John Feore of Cooley LLP.